Goldman Sachs is moving ahead of other investment firms by hiring their first cryptocurrency expert, Justin Schmidt. Schmidt was just hired by Goldman Sachs as the Vice President of Digital Assets Market, which is a brand new venture in their securities division. Schmidt will use his expertise to help existing clients learn the ins and outs of the cryptocurrency market.
Rumors about the investment giant dabbling in the crypto world began in 2015 after Goldman became part of a $50 million funding round in Circle. At the time it was designed to let users trade in Bitcoin but is now working as a payments company with a second product focused on trading. Now, with the hiring of Schmidt there isn’t any denying that Goldman is looking to be a major player in the cryptocurrency game.
The 38-year-old Schmidt is a graduate of MIT with a major in computer science. Prior to Goldman Sachs, Schmidt worked with quantitative trading firms Seven Eight Capital LLC as Senior Vice President followed by WorldQuant LLC as quant trader.
Tiffany Galvin, a spokeswoman, said in a statement on Friday, April 20th, “In response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering.”